In an auto market that’s being pressured to offer electric vehicles at more affordable prices, many OEMs are getting on board. Recently the likes of VW, Stellantis, Tesla and Ford have all announced plans to produce models that would enable a lower entry point for buyers.
But there are always those low volume luxury brands who refrain from this type of economy of scale, and one of them is Ferrari.
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The company long known for its big engines and even bigger price tags has announced that its first electric car will hit the market in late 2025 and a source exclusively told Reuters that the starting price tag will exceed half a million dollars.
Reuters says Ferrari is so bullish on its new model that it plans to open a new plant in Italy where it will be produced. The report speaks to the auto brand’s “confidence that ultra-wealthy drivers are ready” for its premium electric, despite a murky forecast for the market segment as automakers try to pare down costs to lure EV buyers.
And while the price tag isn’t such a surprise, it is notable that Ferrari is placing a lot of emphasis on this new model and its new factory. Reuters calls the plant a “bold move” and one that could boost production by more than 40% – though it’s not without risk.
The high prices lend a bit more sensitivity to market swings. Reuters points out that high-end rival Porsche – though decidedly less exclusive – launched its Taycan electric starting in the $100,000 range.
Leaders within Ferrari must balance growth objectives while maintaining the exclusivity that makes its buyers pony up the big bucks. That said, a source told Reuters that Ferrari would continue to adhere to its policy of keeping output for any model within a certain limit, no matter how successful it was.
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